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Myrtle Beach Area Market Statistics – April 2017

Right now is a prime time to sell your Myrtle Beach home! The current real estate market analysis is proving that homes for sale that are well taken care of have been quickly selling at even higher prices than asking!

Negative housing headlines should be read with calm or skepticism, not alarm. National housing trends, like the steady rise in home prices and decline in inventory, should certainly be observed with care, but tracking wider economic conditions is also necessary. Buyers want to get into the market, but unlike the rising-price sales environment of ten years ago, people are not diving headlong into risky mortgages or uncomfortable situations. This carefulness should be celebrated, not feared.

A research tool provided by the Coastal Carolinas Association of REALTORS®.. Percent changes are calculated using rounded figures.

The Median Sales Price was up 4.5 percent to $196,500 for single-family homes but decreased 2.6 percent to $112,000 for condos. Days on Market decreased 0.6 percent for single-family homes and 13.8 percent for condos. Supply decreased 15.4 percent for single-family homes and 7.3 percent for condos.

In every city or county, there are always one or two neighborhoods that are the showpiece for the area. Everyone would love to live there, and often show it off to their friends and family when they visit.

North Myrtle Beach’s prize community is Barefoot Resort, and even though a home there can be quite affordable, its residents often mention the name with pride.

Four famous architects, Greg Norman, Pete Dye, Tom Fazio and Davis Love III got together in 1998 and designed four Championship golf courses, making use of unincorporated land on the outskirts of North Myrtle Beach, and the Intracoastal Waterway which ran through the acreage. A few years earlier, Barefoot Landing – one of the most unique and enticing outdoor shopping complexes around – was built next to the proposed site, which added even more desirability to the project.

Single Family Residential sales up 2.1% in February; median sales price rises 4.5%.
Condo sales are up 17.8% for the month with median sales price up 5%.
Residential Lot sales up 20.6% for the month with median sales price up 15.1%.
SFR sales in February increased 2.1%, compared to the same month in 2015. Year to date, SFR
sales are up 6% compared to 2015. SFR inventory is up from January and is expected to
continue a seasonal increase. Median sales price maintained its strength at $203,750, up 4.5%
for the month. The median sales price is up in both new construction and resale activity
compared to February 2015. The average sold to list ratio for Single Family Residential sales in
February was 95%, up 100 basis points compared to the same month in 2015.
Condo sales increased 17.8% in February and are up 8.4% year to date compared to 2015.
Condo inventory increased slightly in February, but remains below its 2015 levels. It is expected
that inventory will increase slightly over the next six months due to seasonality. Median sales
price increased 5% to $115,000 in February and is up 9.5% for the year. The average sold to list
ratio for condo sales in February was 92%, up 200 basis points compared to the same month in
2015.
Residential lot sales decreased 20.6% in February compared to 2015 but remain up 13.2 year to
date. Median sales price is up 15.1% for the month compared to 2015 and down 2.2% year to
date. Sold to list ratios were up 200 basis points for the month and year to date, compared to
2015.

“The Death of Eva Sofia Valdez” is now filming at this amazing home that is currently available to purchase. To learn more about purchasing this home see below link below. They will be filming until April 4th. If you’re interested in being an extra, visit the TW Casting Facebook page at https://www.facebook.com/TW-Casting-1574496922804861/.

The residential market is on fire so far in 2016 as single family home prices are up 24% from a year ago. Home sellers seem to be getting the news as inventory on residential homes is up 39% from a year ago. The condo market is not enjoying the same good fortune as condo prices are down 3%. See a link to the full market stats below.

North Myrtle Beach, SC – February 5, 2016 – On December 14, 2015 the North Myrtle Beach City Council approved the final assessment roll for the Cherry Grove Canals Dredging Project. On December 17, 2015, the City filed that final assessment roll with the Horry County Register of Deeds and the Horry County Clerk of Court. When property owners included in the assessment district receive their annual property tax bill from Horry County in October of 2016, their first annual assessment for the dredging project will be included as part of that bill.

During their regularly scheduled February 15, 2016 meeting, the North Myrtle Beach City Council will consider first reading of a bond ordinance to finance the initial dredge of the Cherry Grove canals.

The current schedule has dredging occurring from November 2016 through April 2017.

It appears that a small number of canal property owners are inclined to file lawsuits against the City because they disagree with City Council’s decision to move forward with the dredging project as designed. While it is the right of any property owner to file a lawsuit, the City wants all concerned to be aware of the practical impact this will have on the project.

The City cannot enter into dredging and financing contracts with litigation pending. Lawsuits are expensive for both sides and they can take years to conclude.

The City’s current dredging permit from the U.S. Army Corps of Engineers will allow the City to accomplish the two planned dredges, but only if the initial dredge is not delayed by litigation. A delay may well require the City to expend additional resources to extend the existing permit or to obtain a new permit. This diversion of resources might well leave a second dredge unfeasible within the City’s current cost predictions.

The City did not propose to property owners that the canals be dredged. Property owners have for over a decade asked the City to head up an effort to dredge the canals. The City has done that, spending close to $3 million in court to determine who actually owns the canals—the State, and committing to invest more than $2 million in actual project costs. Add to those costs an abundance of City staff time and resources.

The City has pursued and continues to pursue all avenues for funding assistance for this project. These include federal and state agencies, potential public and private grants, and more.

An untrue rumor continues to persist among some property owners that the nearby Town of Ocean Isle Beach, NC, used Town funds to have similar canals in its jurisdiction dredged for the homeowners who live along them.

North Myrtle Beach City Council and staff visited Ocean Isle Beach, toured the canals located there, and talked directly with the town’s Mayor about how the canals are dredged. Ocean Isle Beach has never spent Town funds to dredge the canals located there. All dredging costs have been paid for by those who own property along the canals that are dredged because they are the primary beneficiaries of the dredging. Those same property owners continue to pay into a canal maintenance fund. Following their initial dredge, maintenance dredges have become less expensive.

In summary, it would be illogical for any property owner to expect a better answer as to how to fund this project. All funding avenues have been explored and, thus far, exhausted. The only possible result of lawsuits regarding this project would be for the City to have to abandon this project, which, again, it was requested to accomplish by canal property owners. Left unattended, the channels will eventually fill in to the point where they are no longer navigable even at high tide. The City hopes that this does not occur.

North Myrtle Beach Vacation Home | Investment Property

New listing 8 bedrooms | Cherry Grove

A summer vacation place for the whole family. Eight bedrooms with swimming pool right on the marsh of Cherry Grove. An investment with excellent rentals and a gathering place for the whole family. – See North Myrtle Beach Vacation Home Listing Here.

About Cherry Grove:

You’ll find waterfront vacation homes along the creeks and channels of Cherry Grove Inlet in North Myrtle Beach, South Carolina. Cherry Grove’s scenic salt marshes are home to colorful and fascinating wildlife. Many of our vacation homes are situated along channels that connect to the meandering creeks of the inlet’s salt marsh. Relax on the deck of your channel home and watch the pelicans and egrets dive for food.

CENTURY 21 Coastal Lifestyles

CENTURY 21 Coastal Lifestyles, formerly Coastal Carolina Properties, located in North Myrtle Beach, opened in 1973 and became a CENTURY 21® franchise in 1978. Swami and Nina Nash, owners, realized that the real estate business was more than just real estate and changed the name of the company in late 2003 to better reflect it.